https://www.taxtmi.com/news?id=14321 ICDS X sets tax accounting rules for provisions, contingent liabilities and contingent assets. Provisions require a present obligation from past events, reasonable certainty of outflow, and a reliable estimate; contingent liabilities are not recognised; contingent assets are recognised only when inflow of economic benefit is reasonably certain. Measurement must reflect the best estimate and not be discounted; reimbursements are recognised when reasonably certain and limited to the provision's value. Year end reviews mandate adjustments or reversals as necessary, use of provisions is restricted to original purposes, and specific disclosures are required for each class of provision and recognised assets and related income. en-us Sat, 11 Apr 2015 14:32:12 +0530 Sat, 11 Apr 2015 14:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14321 ICDS X sets tax accounting rules for provisions, contingent liabilities and contingent assets. Provisions require a present obligation from past events, reasonable certainty of outflow, and a reliable estimate; contingent liabilities are not recognised; contingent assets are recognised only when inflow of economic benefit is reasonably certain. Measurement must reflect the best estimate and not be discounted; reimbursements are recognised when reasonably certain and limited to the provision's value. Year end reviews mandate adjustments or reversals as necessary, use of provisions is restricted to original purposes, and specific disclosures are required for each class of provision and recognised assets and related income. News - Sat, 11 Apr 2015 14:32:12 +0530 https://www.taxtmi.com/news?id=14321